> **来源：[研报客](https://pc.yanbaoke.cn)** # China Futures Daily Note # 中国期货每日简报 桂晨曦 Gui Chenxi 从业资格号 Qualification No: F3023159 投资咨询号 Consulting No.: Z0013632 CITIC Futures International Service Platform: https://internationalservice.citicsf.com # 摘要 Abstract Macro News: The People's Bank of China (PBOC) cut the interest rates of structural monetary policy tools by 0.25 percentage points. Futures Prices: On Jan 15, equity index futures and CGB futures traded mostly higher; most commodities edged lower, with SN and NI leading the gains and PD and PT heading the declines. Commentary: Tin, Nickel, RBD Palm Olein Risks: Macroeconomic fluctuations, geopolitical situations, and reversals in policy trends. 宏观：中国人民银行下调结构性货币政策工具利率0.25个百分点。 期货：1月15日，股指和国债期货多数上涨；商品多数下跌，锡、镍领涨，铂、钯领跌。 今日点评：锡、镍、棕榈油 风险提示：宏观经济波动、地缘政治变化、政策趋向扭转。 # Related Reports 近期报告 【20260115】Tin, Silver, Fuel Oil 锡、白银、燃油 【20260114】Benzene, Ethenylbenzene, Poly-Silicon 纯苯、苯乙烯、多晶硅 【20260113】Lithium Carbonate, Tin, Silver 碳酸锂、锡、白银 * Click on the hyperlink of report titles to read historical reports # Content 目录 1.China Futures期货异动 4 1.1 Overview 行情概述 1.2 Daily Rose 上涨品种 ..... 5 1.2.1 Tin 锡 5 1.2.2 Nickel 镍 6 1.3 Daily Dropped 下跌品种 1.3.1 RBD Palm Olein 棕榈油 2. China News 中国要闻 2.1 Macro News 宏观要闻 8 CITIC Futures International Research Reports 11 # Charts图表 # 图表1：Commodity Futures Top Daily Rise 4 中国商品期货主力连续合约涨幅前十 4 # 图表2：Commodity Futures Top Daily Drop 4 中国商品期货主力连续合约跌幅前十 4 # 图表3：RecentTrendofTin 5 锡价格走势 5 # 图表4：On Jan 15,Tin Rose By $8.3\%$ . 5 1月15日，锡上涨 $8.3\%$ # 图表5：RecentTrendofNickel 6 镍价格走势 6 # 图表6：On Jan 15,Nickel Rose By $4.1\%$ . 6 1月15日，镍上涨了 $4.1\%$ # 图表 7: Recent Trend of RBD Palm Olein 棕榈油价格走势 7 # 图表8：On Jan 15,RBD Palm Olein Fell By $2.0\%$ 1月15日，棕榈油下跌 $2.0\%$ # 图表9：TheChangeofFuturesPricesandOpenInterests 9 中国期货涨跌幅与持仓变化 9 # 图表 10: China Futures Price. 10 中国期货概览 10 # 1. China Futures 期货异动 # 1.1 Overview 行情概述 On Jan 15, equity index futures and CGB futures traded mostly higher; most commodities edged lower, with SN and NI leading the gains and PD and PT heading the declines. China's financial futures: In equity index futures, IM rose $0.5\%$ and IC rose $0.4\%$ ; in CGB futures, TL dropped $0.1\%$ and T rose $0.1\%$ . China's commodity futures: The top three gainers were Tin, Nickel and Stainless Steel. Tin rose $8.3\%$ , with open interest decreasing $9.4\%$ month-on-month; Nickel gained $4.1\%$ , with open interest falling $7.7\%$ month-on-month; Stainless Steel advanced $3.5\%$ , with open interest increasing $7.8\%$ month-on-month. The top three decliners were Palladium, Platinum and Paraxylene. Palladium fell $4.6\%$ , with open interest rising $1.0\%$ month-on-month; Platinum lost $4.1\%$ , with open interest decreasing $0.8\%$ month-on-month; Paraxylene declined $2.5\%$ , with open interest falling $0.7\%$ month-on-month. 1月15日，股指和国债期货多数上涨；商品多数下跌，锡、镍领涨，铂、钯领跌。 金融期货：股指期货方面，IM上涨 $0.5\%$ ，IC上涨 $0.4\%$ ；国债期货方面，TL下跌 $0.1\%$ ，T上涨 $0.1\%$ 。 商品期货：涨幅前三的是锡、镍和不锈钢，其中锡上涨 $8.3\%$ ，持仓环比减少 $9.4\%$ ；镍上涨 $4.1\%$ 持仓环比减少 $7.7\%$ ；不锈钢上涨 $3.5\%$ ，持仓环比增加 $7.8\%$ 。 跌幅前三的是钯、铂和对二甲苯，其中钯下跌 $4.6\%$ ，持仓环比增加 $1.0\%$ ；铂下跌 $4.1\%$ ，持仓环比减少 $0.8\%$ ；对二甲苯下跌 $2.5\%$ ，持仓环比减少 $0.7\%$ 。 图表1：Commodity Futures Top Daily Rise 中国商品期货主力连续合约涨幅前十 Source: iFind, CITIC Futures 图表2：Commodity Futures Top Daily Drop 中国商品期货主力连续合约跌幅前十 Source: iFind, CITIC Futures # 1.2 Daily Rose 上涨品种 # 1.2.1 Tin 锡 On Jan 15, Tin rose $8.3\%$ to 433000 yuan/ton. Supply-side risks remain the market's core focus: Myanmar's Wa State faces raw material shortages and production constraints in early 2026 due to delayed explosive approvals, with monthly output seen at 500-1,000 metal tons; Indonesian supply will stay limited in Q1 amid RKAB approval delays; and African production and exports are hindered by political instability and poor infrastructure. Looking ahead, persistent ore tightness keeps tin concentrate treatment charges low, curbing refined tin output. Meanwhile, demand is set to grow, supported by global rate cuts, fiscal expansion, robust semiconductor growth, and rising consumption in photovoltaics and new energy vehicles, alongside inventory rebuilding needs. Overall, elevated supply risks and lean inventories point to a strong outlook for tin prices. 1月15日，锡上涨 $8.3\%$ 至433000元/吨。 当前锡供应端仍是市场关注的核心问题：低邦再现供应扰动，由于炸药审批进度不及预期，当地在2026年初将面临生产原料不足、矿山生产困难的情况，预计年初缅甸月均产量仅维持至500-1000金属吨左右；印尼由于受RKAB审批影响，预计一季度供应仍将受到限制；非洲因政治不稳定和基础设施落后，锡矿生产和出口持续受到限制，且当前风险维持高位。展望未来，供给方面，矿端持续紧缩，导致锡精矿加工费维持低位，精炼锡产量难以提升。需求方面，美欧仍处在降息周期中，叠加财政端扩张，预计将对全球经济产生积极效应。此外，半导体行业维持高增，光伏、新能源车等领域消费继续上升，再考虑到产业链库存需要重建，将使得锡锭需求持续增长。总体来看，供应风险偏高，叠加产业链库存低位，锡价预计偏强运行。 图表3：Recent Trend of Tin锡价格走势 Source: iFind, CITIC Futures 图表4：On Jan 15, Tin Rose By $8.3\%$ 1月15日，锡上涨 $8.3\%$ Source: iFind, CITIC Futures # 1.2.2 Nickel 镍 On Jan 15, Nickel rose $4.1\%$ to 146750 yuan/ton. Supply-side pressure persists: domestic electrolytic nickel output rebounded month-on-month in December, while Indonesian MIHP, matte nickel and ferronickel production stayed at high levels. On the demand side, the market is in a traditional off-season, with spot transactions weakening after restocking, stainless steel production schedules declining, and plating/alloy demand expected to fall, leading to an overall surplus in fundamentals. Indonesian nickel ore quota expectations remain volatile, requiring close attention to actual implementation. Nickel fundamentals show no clear improvement, with January supply-demand expected to stay loose and elevated LME inventories weighing on prices. If Indonesian nickel ore quotas come in lower than expected, the 2026 surplus outlook will drop significantly. We expect nickel prices to trade range-bound, with ongoing focus on Indonesian policy developments. 1月15日，镍上涨 $4.1\%$ 至146750元/吨。 供应端，国内电镍12月产量环比再度回升，同时印尼12月MIHP、冰镍和镍铁产量整体维持高位，整体镍供给端压力仍存。需求端进入传统消费淡季，现货市场在前期完成阶段性补货后成交有所走弱，不锈钢排产环比逐步走弱，电镀和合金端也预计将有所下滑，整体基本面维持过剩。政策端扰动来看，印尼当下镍矿配额预期反复，后续需持续关注配额实际落地情况。 镍当下基本面未见明显边际改善，预计1月整体供需仍趋宽松，LME库存维持高位，对价格形成一定压制。同时，印尼当下镍矿配额预期反复，若实际配额落地量较低，则镍端26年过剩预期将明显下滑。我们认为镍价整体表现为震荡，后续持续跟踪印尼政策端变动。 图表5：Recent Trend of Nickel镍价格走势 Source: iFind, CITIC Futures 图表6：On Jan 15, Nickel Rose By $4.1\%$ 1月15日，镍上涨 $4.1\%$ Source: iFind, CITIC Futures # 1.3 Daily Dropped 下跌品种 # 1.3.1 RBD Palm Olein 棕榈油 On Jan 15, RBD Palm Olein fell $2.0\%$ to 8,578 yuan/ton. Indonesia has scrapped the plan to raise mandatory biodiesel blend ratio to $50\%$ this year, keeping it at $40\%$ palm oil-based fuel and $60\%$ diesel, due to lingering equipment testing work, high palm oil-diesel price spread and heavy subsidy pressure. Separately, Indonesia will hike crude palm oil export tax to $12.5\%$ from $10\%$ starting March 1, with a 2.5-percentage-point increase for refined palm oil products (currently $4.75\% - 9.5\%$ ). Ample supply of soybeans and rapeseed, coupled with high annual palm oil output, is offset by the upcoming production decline season and destocking trend. Demand is underpinned by biodiesel policy and replenishment needs. Amid mixed market factors, positive expectations and improving macro sentiment have driven oil product rebounds. It is advised to consider staged buying hedging on pullbacks and adopt the arbitrage strategy of long RBD Palm Olein and short rapeseed oil. 1月15日，棕榈油下跌 $2.0\%$ 至8578元/吨。 从产业端看，棕油方面，印尼能源部副部长表示，印尼已取消今年将强制性生物柴油比例提高到50%的计划，将维持目前40%棕榈油基燃料和60%柴油的混合比例。目前了解执行B50现实阻力较大，一方面当地设备和机械试验仍需时间，另一方面目前棕榈油与柴油价差偏高，生物柴油生柴资金补贴压力大，经济驱动不足。另外，印尼国家遗产基金管理局局长埃迪,阿卜杜拉赫曼表示，印尼将从3月1日起把原棕榈油出口税提高到12.5%。精炼棕榈油产品的出口税也将提高2.5个百分点印度尼西亚是世界上最大的棕榈油生产国，目前对原棕榈油征收10%的税，而精炼产品的税率在4.75%到9.5%之间。综合来看油料大豆，菜籽整体供应较为宽松，棕榈油年产量偏高，即将进入减产季有去库趋势；需求端存在生物柴油、销区补库等利多预期。近期市场多空因素交织，但预期利好和宏观氛围转暖，带动油脂持续反弹，建议关注回调后尝试阶段性买入套保，以及多棕油空菜油套利策略。 图表7：Recent Trend of RBD Palm Olein棕榈油价格走势 Source: iFind, CITIC Futures 图表8：On Jan 15, RBD Palm Olein Dropped By 2.0% 1月15日，棕榈油下跌 $2.0\%$ Source: iFind, CITIC Futures # 2.China News 中国要闻 # 2.1 Macro News 宏观要闻 【Qiushi Journal Publishes General Secretary Xi Jinping's Important Article Speech at the Central Urban Work Conference】The 2nd issue of Qiushi Journal to be published on January 16 will carry General Secretary Xi Jinping's important article Speech at the Central Urban Work Conference. The article notes that cities should transform their development drivers and focus more on distinctive development. Based on respective resource endowments, cities need to strengthen empowerment through science, technology and culture, build core competitiveness, achieve differentiated development, and avoid homogeneous competition. 【PBOC Unveils 8 Policy Measures to Support Economic Structural Transformation and Optimization】he People's Bank of China (PBOC) has rolled out 8 policies to advance economic structural upgrading. Key measures include a 0.25-percentage-point cut in structural monetary tool rates; merging agriculture and MSME re-lending/rediscount quotas, adding 500 billion yuan in such quotas and earmarking 1 trillion yuan for private enterprises; expanding tech innovation re-lending to 1.2 trillion yuan; integrating two bond support tools with a combined 200 billion yuan re-lending quota; expanding coverage of carbon reduction, consumer services and elderly care re-lending; lowering commercial property mortgage down payment ratio to $30\%$ ; and boosting exchange rate risk hedging services for enterprises. 【《求是》杂志发表习近平总书记重要文章《在中央城市工作会议上的讲话》】1月16日出版的第2期《求是》杂志将发表习近平总书记的重要文章《在中央城市工作会议上的讲话》。其中提到，转变城市发展动力，更加注重特色发展。根据各自资源禀赋，加强科技和文化赋能，打造核心竞争力，实现错位发展，不搞同质化竞争。 【央行出台8项政策举措 支持经济结构转型优化】中国人民银行出台8项举措支持经济结构转型优化，包括下调各类结构性货币政策工具利率0.25个百分点；合并支农支小再贷款与再贴现额度并新增额度，单设1万亿元民营企业再贷款；扩容科技创新再贷款至1.2万亿元；合并两项债券支持工具额度；拓展碳减排、服务消费与养老再贷款领域；下调商办房贷最低首付至 $30\%$ ；鼓励提升汇率避险服务水平。 图表9：The Change of Futures Prices and Open Interests 中国期货涨跌幅与持仓变化 Energy & Chemicals Source: iFind CITIC Futures Agricultural Products Note: The horizontal axis represents the price change, and the vertical axis represents the open interest change. 中国期货概览 图表10：China Futures Price <table><tr><td>2026/1/15</td><td>Product</td><td>Closing Price</td><td>Daily Chg (%)</td><td>Weekly Chg (%)</td><td>1-M Chg (%)</td><td>3-M Chg (%)</td><td>6-M Chg (%)</td><td>1-Y Chg (%)</td><td>YTD Chg (%)</td><td>OI Chg(%)</td><td>Trading Volume (Billion Yuan)</td></tr><tr><td>Crude Oil</td><td>原油 SC</td><td>445</td><td>-0.9</td><td>6.4</td><td>1.8</td><td>0.4</td><td>-14.8</td><td>-28.3</td><td>1.9</td><td>-26.7</td><td>26</td></tr><tr><td>Fuel Oil</td><td>燃料油 FU</td><td>2586</td><td>1.3</td><td>5.2</td><td>6.5</td><td>-3.1</td><td>-9.8</td><td>-27.0</td><td>5.3</td><td>-2.5</td><td>33</td></tr><tr><td>LSFO</td><td>低硫燃料油 LU</td><td>3087</td><td>-0.5</td><td>5.8</td><td>3.3</td><td>-2.2</td><td>-15.4</td><td>-26.7</td><td>4.4</td><td>-2.4</td><td>4</td></tr><tr><td>Bitumen</td><td>沥青 BU</td><td>3167</td><td>-0.1</td><td>0.4</td><td>6.8</td><td>-2.9</td><td>-12.8</td><td>-15.7</td><td>5.1</td><td>-1.9</td><td>5</td></tr><tr><td>LPG</td><td>液化石油气 PG</td><td>4233</td><td>0.0</td><td>0.4</td><td>2.0</td><td>2.2</td><td>1.8</td><td>-6.3</td><td>1.8</td><td>2.2</td><td>5</td></tr><tr><td>Propylene</td><td>丙烯 PL</td><td>6122</td><td>1.1</td><td>2.4</td><td>6.3</td><td>0.6</td><td>-3.6</td><td>-3.6</td><td>5.0</td><td>3.1</td><td>2</td></tr><tr><td>LLDPE</td><td>聚乙烯 L</td><td>6785</td><td>-0.5</td><td>1.8</td><td>3.2</td><td>-1.8</td><td>-6.3</td><td>-13.7</td><td>4.9</td><td>0.2</td><td>19</td></tr><tr><td>PP</td><td>聚丙烯 PP</td><td>6592</td><td>0.2</td><td>1.5</td><td>5.2</td><td>0.0</td><td>-6.3</td><td>-11.3</td><td>3.9</td><td>1.5</td><td>15</td></tr><tr><td>Polyvinyl Chloride</td><td>聚氯乙烯 V</td><td>4868</td><td>-0.2</td><td>-1.3</td><td>13.1</td><td>4.0</td><td>-2.5</td><td>-7.1</td><td>1.5</td><td>1.4</td><td>34</td></tr><tr><td>Benzene</td><td>纯苯 BZ</td><td>5648</td><td>-0.4</td><td>3.3</td><td>3.9</td><td>1.1</td><td>-8.4</td><td>-4.3</td><td>3.0</td><td>-0.4</td><td>4</td></tr><tr><td>Ethenylbenzene</td><td>苯乙烯 EB</td><td>7103</td><td>0.2</td><td>4.0</td><td>9.5</td><td>8.5</td><td>-3.9</td><td>-16.1</td><td>4.2</td><td>-5.2</td><td>11</td></tr><tr><td>Paraxylene</td><td>对二甲苯 PX</td><td>7130</td><td>-2.5</td><td>-1.5</td><td>5.1</td><td>13.2</td><td>6.2</td><td>-4.2</td><td>-2.3</td><td>-0.7</td><td>12</td></tr><tr><td>PTA</td><td>PTA</td><td>5048</td><td>-1.9</td><td>-1.4</td><td>7.5</td><td>14.4</td><td>7.2</td><td>-2.7</td><td>-1.8</td><td>-1.3</td><td>34</td></tr><tr><td rowspan="2">Polyester Staple Fiber Polymer Temperature Range for Carbon Blating</td><td>短纤 PF</td><td>6394</td><td>-1.9</td><td>-1.8</td><td>4.8</td><td>5.9</td><td>0.1</td><td>-10.1</td><td>-2.3</td><td>-3.3</td><td>6</td></tr><tr><td>瓶片 PR</td><td>6018</td><td>-2.1</td><td>-0.4</td><td>6.6</td><td>8.8</td><td>2.2</td><td>-5.9</td><td>-0.3</td><td>-6.9</td><td>5</td></tr><tr><td>Methanol</td><td>甲醇 MA</td><td>2273</td><td>-0.5</td><td>1.3</td><td>7.3</td><td>-0.8</td><td>-5.0</td><td>-14.1</td><td>2.2</td><td>0.7</td><td>34</td></tr><tr><td>Ethylene Glycol</td><td>乙二醇 EG</td><td>3817</td><td>-1.1</td><td>-1.1</td><td>4.2</td><td>-5.7</td><td>-12.0</td><td>-20.6</td><td>-0.3</td><td>4.1</td><td>11</td></tr><tr><td>Urea</td><td>尿素 UR</td><td>1801</td><td>0.3</td><td>1.1</td><td>10.5</td><td>12.3</td><td>3.6</td><td>7.4</td><td>3.3</td><td>-1.4</td><td>5</td></tr><tr><td>Soda Ash</td><td>纯碱 SA</td><td>1193</td><td>-2.1</td><td>-4.4</td><td>3.4</td><td>-3.1</td><td>-2.7</td><td>-17.7</td><td>-1.3</td><td>2.6</td><td>30</td></tr><tr><td>Sodium Hydroxide</td><td>烧碱 SH</td><td>2057</td><td>-2.1</td><td>-8.1</td><td>-4.9</td><td>-15.5</td><td>-18.3</td><td>-35.1</td><td>-8.6</td><td>5.0</td><td>25</td></tr><tr><td>Glass</td><td>玻璃 FG</td><td>1086</td><td>-0.5</td><td>-5.6</td><td>4.4</td><td>-4.2</td><td>0.4</td><td>-21.9</td><td>-0.2</td><td>-1.7</td><td>24</td></tr><tr><td>Coking Coal</td><td>焦煤 JM</td><td>1188</td><td>-1.0</td><td>-1.4</td><td>12.7</td><td>3.5</td><td>30.4</td><td>5.9</td><td>6.5</td><td>0.9</td><td>73</td></tr><tr><td>Coke</td><td>焦炭 J</td><td>1745</td><td>-0.1</td><td>-2.0</td><td>16.8</td><td>6.7</td><td>15.1</td><td>1.0</td><td>2.8</td><td>-3.0</td><td>3</td></tr><tr><td>SCFIS(Europe)</td><td>SCFIS&CEXEC</td><td>EC</td><td>-0.1</td><td>-30.3</td><td>-29.9</td><td>-29.8</td><td>-23.7</td><td>-5.4</td><td>-34.2</td><td>2.0</td><td>2</td></tr><tr><td>2026/1/15</td><td>Product</td><td>Closing Price</td><td>Daily Chg (%)</td><td>Weekly Chg (%)</td><td>1-M Chg (%)</td><td>3-M Chg (%)</td><td>6-M Chg (%)</td><td>1-Y Chg (%)</td><td>YTD Chg (%)</td><td>Open interest Chg(%)</td><td>Trading Volume (Billion Yuan)</td></tr><tr><td>Gold</td><td>黄金 AU</td><td>1035</td><td>0.0</td><td>3.6</td><td>5.9</td><td>9.1</td><td>33.0</td><td>63.3</td><td>5.5</td><td>-7.4</td><td>197</td></tr><tr><td>Silver</td><td>白银 AG</td><td>22665</td><td>1.7</td><td>19.9</td><td>54.1</td><td>94.1</td><td>146.8</td><td>196.7</td><td>25.7</td><td>-0.1</td><td>500</td></tr><tr><td>Palladium</td><td>钯 PD</td><td>479</td><td>-4.6</td><td>1.7</td><td>18.3</td><td>31.1</td><td>31.1</td><td>31.1</td><td>15.1</td><td>1.0</td><td>7</td></tr><tr><td>Platinum</td><td>铂 PT</td><td>609</td><td>-4.1</td><td>2.7</td><td>28.5</td><td>50.4</td><td>50.4</td><td>50.4</td><td>11.1</td><td>-0.8</td><td>17</td></tr><tr><td>Copper(BC)</td><td>铜(BC) BC</td><td>91520</td><td>-1.5</td><td>1.2</td><td>10.5</td><td>21.2</td><td>32.4</td><td>36.8</td><td>3.8</td><td>-8.9</td><td>6</td></tr><tr><td>Copper</td><td>铜 CU</td><td>102810</td><td>-1.3</td><td>0.9</td><td>11.0</td><td>21.0</td><td>31.9</td><td>36.4</td><td>4.2</td><td>-2.2</td><td>172</td></tr><tr><td>Aluminum Oxide</td><td>氧化铝 AO</td><td>2789</td><td>-0.2</td><td>-3.2</td><td>9.5</td><td>-0.4</td><td>-11.8</td><td>-27.5</td><td>0.8</td><td>-1.8</td><td>34</td></tr><tr><td>Aluminum</td><td>铝 AL</td><td>24375</td><td>-1.5</td><td>1.6</td><td>11.4</td><td>16.8</td><td>19.5</td><td>20.9</td><td>7.2</td><td>-6.0</td><td>94</td></tr><tr><td>Cast Aluminum Alloy</td><td>铸造铝合金 AD</td><td>23155</td><td>-1.6</td><td>1.5</td><td>10.7</td><td>13.5</td><td>17.1</td><td>26.1</td><td>7.1</td><td>-1.7</td><td>4</td></tr><tr><td>Zinc</td><td>锌 ZN</td><td>25090</td><td>-2.0</td><td>4.3</td><td>7.2</td><td>14.1</td><td>13.5</td><td>5.0</td><td>7.7</td><td>18.8</td><td>63</td></tr><tr><td>Tin</td><td>锡 SN</td><td>433000</td><td>4.3</td><td>22.7</td><td>30.8</td><td>54.4</td><td>64.2</td><td>76.0</td><td>32.7</td><td>-9.4</td><td>256</td></tr><tr><td>Lead</td><td>铅 PB</td><td>17550</td><td>0.8</td><td>0.2</td><td>2.8</td><td>2.9</td><td>3.2</td><td>5.8</td><td>1.6</td><td>11.3</td><td>8</td></tr><tr><td>Nickel</td><td>镍 Ni</td><td>146750</td><td>4.1</td><td>2.7</td><td>27.6</td><td>21.3</td><td>22.8</td><td>15.1</td><td>10.1</td><td>-7.7</td><td>256</td></tr><tr><td>Iron Ore</td><td>铁矿石 I</td><td>813</td><td>-1.0</td><td>-0.9</td><td>8.0</td><td>4.2</td><td>6.3</td><td>4.0</td><td>3.0</td><td>-1.6</td><td>21</td></tr><tr><td>Steel Rebar</td><td>螺纹钢 RB</td><td>3160</td><td>-0.1</td><td>-0.6</td><td>3.1</td><td>3.8</td><td>1.2</td><td>-3.9</td><td>1.1</td><td>-0.4</td><td>24</td></tr><tr><td>Hot-Rolled Coil</td><td>热轧卷板 HC</td><td>3307</td><td>0.0</td><td>-0.6</td><td>2.6</td><td>2.5</td><td>1.3</td><td>-3.0</td><td>1.0</td><td>0.0</td><td>11</td></tr><tr><td>Stainless Steel</td><td>不锈钢 SS</td><td>14415</td><td>3.5</td><td>4.3</td><td>14.9</td><td>14.8</td><td>13.6</td><td>9.5</td><td>10.0</td><td>7.8</td><td>35</td></tr><tr><td>Manganese Silicon</td><td>锰硅 SM</td><td>5870</td><td>-0.6</td><td>-1.3</td><td>1.6</td><td>1.8</td><td>1.2</td><td>-10.9</td><td>-0.8</td><td>-1.9</td><td>4</td></tr><tr><td>FerroSilicon</td><td>硅铁 SF</td><td>5610</td><td>-1.3</td><td>-2.3</td><td>1.3</td><td>4.5</td><td>4.0</td><td>-13.1</td><td>-1.6</td><td>-0.7</td><td>4</td></tr><tr><td>Lithium Carbonate</td><td>碳酸锂 LC</td><td>163220</td><td>-1.3</td><td>13.8</td><td>64.3</td><td>123.3</td><td>146.7</td><td>103.6</td><td>35.3</td><td>-1.9</td><td>69</td></tr><tr><td>Silicon Metal</td><td>工业硅 SI</td><td>8730</td><td>0.5</td><td>0.0</td><td>3.7</td><td>1.6</td><td>-0.4</td><td>-18.4</td><td>-1.2</td><td>-1.9</td><td>10</td></tr><tr><td>Poly-Silicon</td><td>多晶硅 PS</td><td>48670</td><td>-0.4</td><td>-12.8</td><td>-15.7</td><td>-4.2</td><td>15.0</td><td>10.4</td><td>-15.1</td><td>-1.3</td><td>2</td></tr><tr><td>2026/1/15</td><td>Product</td><td>Closing Price</td><td>Daily Chg (%)</td><td>Weekly Chg (%)</td><td>1-M Chg (%)</td><td>3-M Chg (%)</td><td>6-M Chg (%)</td><td>1-Y Chg (%)</td><td>YTD Chg (%)</td><td>Open interest Chg(%)</td><td>Trading Volume (Billion Yuan)</td></tr><tr><td>No. 1 Soybean</td><td>豆一 A</td><td>4333</td><td>0.1</td><td>-1.0</td><td>4.6</td><td>8.7</td><td>4.6</td><td>9.1</td><td>2.4</td><td>1.1</td><td>4</td></tr><tr><td>No. 2 Soybean</td><td>豆二 B</td><td>3441</td><td>-1.0</td><td>-2.6</td><td>-9.5</td><td>-4.5</td><td>-5.3</td><td>1.4</td><td>-1.0</td><td>-6.2</td><td>4</td></tr><tr><td>Soybean Oil</td><td>豆油 Y</td><td>7938</td><td>-0.7</td><td>-0.4</td><td>0.0</td><td>-3.7</td><td>-0.9</td><td>2.1</td><td>0.9</td><td>0.5</td><td>19</td></tr><tr><td>Soybean Meal</td><td>豆粕 M</td><td>2740</td><td>-0.3</td><td>-2.3</td><td>-0.8</td><td>-6.0</td><td>-8.2</td><td>-0.6</td><td>-0.7</td><td>0.3</td><td>22</td></tr><tr><td>Rapeseed Oil</td><td>菜籽油 OI</td><td>8828</td><td>-1.5</td><td>-2.0</td><td>-4.6</td><td>-11.2</td><td>-6.5</td><td>-0.7</td><td>-2.9</td><td>5.0</td><td>23</td></tr><tr><td>Rapeseed Meal</td><td>菜籽粕 RM</td><td>2283</td><td>-0.7</td><td>-4.0</td><td>-2.6</td><td>-3.2</td><td>-14.1</td><td>-5.2</td><td>-4.1</td><td>-0.1</td><td>8</td></tr><tr><td>RBD Palm Olein</td><td>棕榈油 P</td><td>8578</td><td>-2.0</td><td>-0.6</td><td>1.0</td><td>-7.9</td><td>-2.0</td><td>-0.2</td><td>-0.4</td><td>-1.9</td><td>46</td></tr><tr><td>Corn</td><td>玉米 C</td><td>2295</td><td>0.8</td><td>2.0</td><td>2.5</td><td>9.4</td><td>-0.3</td><td>1.1</td><td>3.0</td><td>1.3</td><td>11</td></tr><tr><td>Corn Starch</td><td>玉米淀粉 CS</td><td>2565</td><td>0.6</td><td>1.2</td><td>1.7</td><td>7.3</td><td>-3.1</td><td>1.9</td><td>1.8</td><td>-1.5</td><td>2</td></tr><tr><td>Peanut Kernel</td><td>花生 PK</td><td>7836</td><td>-0.1</td><td>-2.9</td><td>-2.9</td><td>-2.8</td><td>-4.2</td><td>-3.4</td><td>-1.9</td><td>1.7</td><td>2</td></tr><tr><td>White Sugar</td><td>白糖 SR</td><td>5280</td><td>-0.1</td><td>-0.1</td><td>1.0</td><td>-2.3</td><td>-9.0</td><td>-9.3</td><td>0.7</td><td>-0.9</td><td>9</td></tr><tr><td>Woodpulp</td><td>纸浆 SP</td><td>5436</td><td>-1.3</td><td>-1.7</td><td>-2.1</td><td>12.0</td><td>3.7</td><td>-9.4</td><td>-2.1</td><td>7.0</td><td>13</td></tr><tr><td>Offset Paper</td><td>胶版印刷纸 OP</td><td>4110</td><td>-0.6</td><td>-3.3</td><td>2.6</td><td>-2.5</td><td>-2.6</td><td>-2.6</td><td>-1.4</td><td>-1.1</td><td>1</td></tr><tr><td>TSR 20</td><td>20号胶 NR</td><td>NR 12850</td><td>-1.5</td><td>-2.1</td><td>3.8</td><td>6.3</td><td>3.3</td><td>-14.7</td><td>1.3</td><td>-1.8</td><td>11</td></tr><tr><td>Natural Rubber</td><td>天然橡胶 RU</td><td>15995</td><td>-1.3</td><td>-1.2</td><td>5.1</td><td>7.7</td><td>10.9</td><td>-7.8</td><td>2.4</td><td>-0.7</td><td>59</td></tr><tr><td>Synthetic Rubber</td><td>丁二烯胶 BR</td><td>12190</td><td>-0.5</td><td>-0.7</td><td>12.8</td><td>12.8</td><td>5.2</td><td>-14.4</td><td>5.5</td><td>-1.4</td><td>9</td></tr><tr><td>Cotton</td><td>棉花 CF</td><td>14675</td><td>-0.6</td><td>-1.3</td><td>5.3</td><td>10.7</td><td>6.1</td><td>8.3</td><td>0.9</td><td>-0.8</td><td>24</td></tr><tr><td>Cotton Yarn</td><td>棉纱 CY</td><td>20665</td><td>-0.6</td><td>-1.2</td><td>3.2</td><td>7.1</td><td>3.1</td><td>5.4</td><td>0.5</td><td>-1.1</td><td>1</td></tr><tr><td>Log</td><td>原木 LG</td><td>781</td><td>0.4</td><td>-0.2</td><td>2.9</td><td>-1.5</td><td>-1.1</td><td>-8.8</td><td>1.0</td><td>1.9</td><td>0</td></tr><tr><td>Fiberboard</td><td>纤维板 FB</td><td>1270</td><td>0.0</td><td>-0.5</td><td>-0.5</td><td>1.1</td><td>-3.9</td><td>-4.7</td><td>-1.0</td><td>1.7</td><td>0</td></tr><tr><td>Live Hog</td><td>生猪 LH</td><td>11950</td><td>0.4</td><td>1.4</td><td>5.5</td><td>-2.8</td><td>-16.3</td><td>-7.8</td><td>1.5</td><td>-2.6</td><td>24</td></tr><tr><td>Egg</td><td>鸡蛋 JD</td><td>30666</td><td>2.2</td><td>1.3</td><td>-1.4</td><td>7.7</td><td>-15.1</td><td>-5.2</td><td>3.9</td><td>-1.8</td><td>15</td></tr><tr><td>Apple</td><td>苹果 AP</td><td>9807</td><td>-0.9</td><td>-2.8</td><td>5.9</td><td>13.1</td><td>25.0</td><td>44.4</td><td>7.1</td><td>-9.3</td><td>11</td></tr><tr><td>Chinese Julube</td><td>红枣 CJ</td><td>9040</td><td>-0.4</td><td>-0.8</td><td>-0.8</td><td>-18.6</td><td>-12.1</td><td>-2.1</td><td>0.4</td><td>1.0</td><td>3</td></tr><tr><td>Round-grained Rice 粳米 RR</td><td>粳米 RR</td><td>3662</td><td>0.1</td><td>0.4</td><td>1.6</td><td>1.5</td><td>1.6</td><td>4.2</td><td>1.4</td><td>-8.4</td><td>0</td></tr><tr><td>2026/1/15</td><td>Product</td><td>Closing Price</td><td>Daily Chg (%) Weekly Chg (%) Daily Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%)Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weeklychg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly Chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) weekly chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly Chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly Chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly CHG (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chd (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chc (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chs (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly chg (%) Weekly ch</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table> \*A deeper shade of red indicates a larger price increase, while a deeper shade of green signifies a greater price decline. *红色越深表示涨幅越大，绿色越深表示跌幅越大。 *The data does not include the night trading session. 数据不含夜盘。 # CITIC Futures International Research Reports https://www.citicfutures.com/Insights 中信期货国际化研究系列报告 # Regular Reports 定期报告 20251126 China Futures Annual Outlook 中国期货2026年度展望 China Futures Monthly Report 中国期货运行月报 China Commodity Futures Cross Border Arbitrage Weekly Report 中国商品期货跨境套利策略周报 China Futures Daily Note 中国期货每日简报 # Special Topic 专题报告 # 【Financial】金融 人民币外汇期货风险管理应用 专题报告20251219 20251218 China Fiscal Policy Outlook: Moderate Expansion? 中国2026财政政策展望：如何理解适度扩张 20251217 China Monetary Policy Outlook: Moderate Easing? 2026年中国货币政策展望：如何理解适度宽松 20251121 Drivers Analysis and Risk Management of the CNY's Strength 人民币汇率偏强原因分析及风险管理 20250917 China Futures Member Position Factor Strategy 中国期货会员持仓因子策略优化 20250805 Optimization of Short Strategy For China Commodity Options 中国商品期权卖权策略优化思路 20250731 China Equity Index and ETF Options Arbitrage Strategy 中国股指期权与ETF期权套利策略 20250728 Enhancement of Covered Call Strategy for China Equity Index Futures 中国股指期权备兑策略优化 20250626 China Gold Options Volatility and Strategies 中国黄金期权波动率及策略配置 20250311 Foreign Private Funds in China Market 外资私募进入中国市场的机遇与挑战 # 【Commodity】商品 20260115 Annual Outlook on Crude Oil Tanker Market 原油油轮年度展望 20260112 Follow-up on Rapeseed Calendar Spread Strategy 菜油菜粕月差策略跟进 20260109 Lithium Carbonate Annual Outlook Remains Positive 2026年锂价展望：维持乐观 20260101 Asset Allocation Note Metals, Equity and Forex 资产配置纪要：金属、权益、外汇 20251222 The Dawn of the $61\%$ Era for Iron Ore 铁矿石“ $61\%$ 时代”正在开启 20251220 Rapeseed Oil & Meal Calendar Spread Analysis 菜油菜粕月差策略 20251219 China Soybean Futures Main Contract Rotation Pattern 大豆期货主力合约轮换分析 20251211 Coal-Power Long-Term Contract Interpretation 2026 年煤电长协解读 20251209 China Diesel Consumption Forecast 2026-2030年中国柴油消费展望 20251128 China Iron Ore Futures Basis Review 中国铁矿石期货基差复盘 20251127 China Iron Ore Futures Delivery Introduction 中国铁矿石期货交割规则介绍 20251107 Solid-State Battery Introduction 固态电池基础知识 20251106 US LNG Prices May Rise on Strong Export 出口强劲或推升美国气价 20251105 Iron Ore Four Major Mines Quarterly Report Summary 铁矿石全球四大矿山季报解读 202501104 How to Understand China Gold Tax Policy Change 中国黄金税收政策调整解读 20250929 European Gasoil Crack Spread Outlook 欧洲柴油裂解价差展望 20250916 Chinese Port Inventories Pressure SC-Brent Spread 中国港口库存施压SC-Brent价差 20250807 Zinc Short Strategy Due To Surplus Expectation 锌过剩预期下的策略分析 20250806 Calender Spread Strategies for Lithium Carbonate Futures 碳酸锂期货月差策略推荐 # 【Emerging Industry】新兴行业 <table><tr><td>20251226 Energy and Carbon Annual Outlook 2026 能源双碳年度展望 20251215 New Energy Vehicle Annual Outlook 2026 年全球新能源车销量展望 20251212 Solar PV Industry Annual Outlook 2026 年光伏年度展望 20251208 Compliance Demand May Drive Carbon Prices to Rebound 履约需求或使碳价筑底反弹 20251204 The Impact of Document No. 136 on PV Projects 136 号文如何影响光伏项目 20251022 Quarterly Outlook of Energy, Power, Carbon 能源电碳行业展望 20250808 Why Anti-Involution for PV Industry 光伏反内卷原因分析 20250918 Global Shipping Futures: BDI and FFAs 波罗的海航运指数及期货介绍 20250902 Potential Influence of U.S. Shipping Policy Change 美国航运政策变化的可能影响</td></tr><tr><td>Policy Reading 政策解读</td></tr><tr><td>【Macro 宏观】 20251215 Insights from the Central Economic Work Conference 中央经济工作会议学习体会 20251210 Policy Readings on the Politburo Meeting in December 2025 年 12 月政治局会议联合点评 20251113 Commentary on China Monetary Policy Report Q3 2025 三季度货币政策执行报告点评 202501030 Policy Readings on the “15th Five-Year Plan” “十五五” 规划建议联合点评 20250801 Politburo Meeting Influence on Futures Prices 7 月政治局会议对期货价格影响 20250514 China-U.S. Tariff Suspension Influence on China Futures Prices 中美关税暂缓对中国期货价格影响 20250313 Influence of Geoenvironmental shift on commodities 地缘变局对商品价格影响分析 20250120 China Economic Annual Outlook 中国经济年度展望 20250114 Impact of “Two New” policy on China's Domestic Demand “两新” 政策对中国内需影响分析 20241109 Policy Readings of NPC Standing Committee Meeting in Nov. 11 月人大常委会新闻发布会解读 20241018 Policy Readings of China SCIO Press Conference on 17th Oct. 10 月 17 日国新办发布会解学习体会 20241013 Policy Readings of China Finance Ministry Press Conference on 11th Oct. 10 月财政部发布会学习体会 【Futures 期货】 20250723 Anti-Involution Policy Reading and Influence on Futures Prices “反内卷” 政策对期货价格影响 20250714 SHFE's Internationalization Reforms Interpretation 上海期货交易所国际化新规解读 20250622 China Accelerates Futures Market Opening Up 中国期货对外开放再提速</td></tr><tr><td>Research Framework 研究框架</td></tr><tr><td>【China Futures 中国期货】Macro Economy/Assets Allocation /CTA/Equity Index/ Government Bond/Exchange Rate/HK Equity index / Hang Seng Biotech Index/Crude Oil/Gold/Copper/Iron Ore/Steels/Lithium/Silicon Metal /LPG/PTA/LLDPE/Methanol/Urea/Shipping Freight /Live Hog/Soybean Meal/Soybean Oil/Palm Oil/Rapeseed Meal/Rapeseed Oil/Corn/Natural Rubber/Zinc/Silver 宏观经济/资产配置/CTA/股指/香港股指/国债/汇率/恒生生物科技指数/原油/黄金/铜/铁矿石/钢材/锂/工业硅/LPG/PTA/塑料/甲醇/尿素/航运/生猪/豆粕/豆油/棕榈油/菜粕/菜油/玉米/天然橡胶/锌/白银 【Global Futures 海外期货】U.S. Economy / U.S. Treasury Bond/ U.S. Corn / US Dollar Index / BDI and FFAs 美国经济/美国国债/美国玉米/美元指数/航运指数 【Cross-Border Arbitrage 跨境套利】Crude Oil/Iron Ore/Soybean/Copper/Rubber/Plam Oil 原油/铁矿石/大豆/铜/橡胶/棕榈油 Cross-Border Arbitrage Statistical Regression Strategy Model 跨境套利统计回归策略模型 【Risk Management 风险管理】Iron Ore/Plastic/Steel/Freight/Fuel Oil 铁矿石/塑料/钢材/燃油/航运 【长期复盘】全球大宗商品百年回顾/全球经济展望二十年大复盘/全球炼厂利润二十年回顾/全球炼油产能中长期展望/世界石油海运要道/国际原油价格二十年复盘/美国天然气价格二十年复盘 【国别手册】亚太：中国/印度/日本/韩国/澳大利亚/新加坡马来西亚/印度尼西亚；中东：沙特/伊朗/伊拉克/科威特/阿联酋/卡塔尔；美洲：巴西/委内瑞拉/圭亚那/加拿大；欧洲：俄罗斯/挪威/英国/法国；非洲：利比亚/尼日利亚/阿尔及利亚/安哥拉/刚果/南非/苏丹/南苏丹/埃及</td></tr></table> # Trading Manual 交易手册 Introduction on China Futures Market 中国期货市场概况 Introduction on China Futures Exchanges 中国期货交易所介绍 China Futures and Derivatives Law 中国期货法律法规 China Futures/Options Contracts Manual 中国期货合约手册 China QFII Policy Interpretation 合格境外投资者制度详解 China Futures Overseas Brokerage Policy Interpretation 中国期货境外经纪机构制度详解 Global Futures/Options Contracts Manual 海外期货/期权合约手册 【海外期货概况】股指/国债/汇率/能源/金属/农业 【境外交易所概况】中国香港/东南亚/欧洲/北美 # 免责声明 除非另有说明，中信期货有限公司拥有本报告的版权和/或其他相关知识产权。未经中信期货有限公司事先书面许可，任何单位或个人不得以任何方式复制、转载、引用、刊登、发表、发行、修改、翻译此报告的全部或部分材料、内容。除非另有说明，本报告中使用的所有商标、服务标记及标记均为中信期货有限公司所有或经合法授权被许可使用的商标、服务标记及标记。未经中信期货有限公司或商标所有权人的书面许可，任何单位或个人不得使用该商标、服务标记及标记。 如果在任何国家或地区管辖范围内，本报告内容或其适用与任何政府机构、监管机构、自律组织或者清算机构的法律、规则或规定内容相抵触，或者中信期货有限公司未被授权在当地提供这种信息或服务，那么本报告的内容并不意图提供给这些地区的个人或组织，任何个人或组织也不得在当地查看或使用本报告。本报告所载的内容并非适用于所有国家或地区或者适用于所有人。 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